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Greek privatization fund, LAMDA close to striking deal on Athens site

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Greek privatization fund, LAMDA close to striking deal on Athens site

Greeceexpects to close a deal to let a seafront property at the former Hellenikon airportsite to a consortium led by LAMDADevelopment SA by autumn, Reuters reported March 28, citing FinanceMinister Euclid Tsakalotos.

Greeceselected LAMDA as the preferred investor for a €915 million deal to lease the sitein 2014. The consortium also includes Abu Dhabi-based property firm Al Maabar, China'sFosun Group and European funds. The 6.2 million-square-meter site is being soldby Greece's state asset sales fund, the Hellenic Republic Asset Development Fund,as previously reported.

The consortiumwants to build a tourist, business and commercial hub on the 444-acre plot, thenews agency noted.

However,there are still matters to address before the deal can complete, including the grantingof licenses for casinos and the approval of zoning for the site, Reuters said.

Greece'sprivatization fund and the investors are discussing amending some terms of the dealand the fund is seeking to conclude the negotiations by the end of April. Greeceexpects to receive an initial €345 million installment for the Hellenikon leaselater in 2016, according to the report.